Cuomo's Tax-Free NY legislation makes changes, including name

The final legislation for Gov. Andrew Cuomo’s tax-free initiative broadens the eligibility for state colleges and universities, and caps the amount of tax-free personal income.

The legislation, renamed Start-Up New York after being introduced as Tax-Free New York, adds independent colleges and universities to SUNY and CUNY schools as being eligible for tax-free communities.

The tax-free space can be vacant land or space on SUNY campuses; a business incubator affiliated with a campus, university or college; or up to 200,000 square feet within one mile of a campus north or west of Westchester County, a statement from Cuomo’s office said.

Participating companies will not pay business/corporate taxes, sales taxes or property taxes for 10 years.

Eligible companies must be startups, or from out of state and relocating to New York, or be expanding an existing New York company, the statement said.

Employees from participating companies will pay no income taxes for five years. For the next five years, employees pay no taxes on income up to $200,000 per individual, $250,000 for the head of a household and $300,000 for taxpayers filing a joint return, the statement said.

What You're Saying

Timothy Maher at 9:21:57 AM on 6/20/2013

A tax free zone or what every name you want to call it will most likely create the opposite affect that the government is looking for. As established businesses continue to pay taxes into a broken system we are now forced to watch that same system create potential competiti... Read More >

A tax free zone or what every name you want to call it will most likely create the opposite affect that the government is looking for. As established businesses continue to pay taxes into a broken system we are now forced to watch that same system create potential competition.If Gov Cuomo and followers want to create more businesses in NYS then lower the tax burden on current business or simply offer these breaks to existing businesses or new start ups no matter where they reside.I can speak for my company, if you offered our company these incentives we would over the next 12 months higher three technical based people and one machine operator. These people may come from the unemployment line or be a graduating college student. Over all the impact would be lower unemployment and financially stimulate the economy. The state would win with less unemployment and greater sales tax dollars to collect.I ask each businesses owner out there to look at this plan that the state is trying to pass and to lay it over their existing business. Then write your Assemblyman and Senator and tell them the negative impact to their business if the bill is passed but on the over lay if your business had the same incentive what would be the impact to your business as well as the economy.< close